Good news for Cobb County homeowners! Cobb Board of Commissioners voted unanimously on a plan to reduce property taxes last week. This vote was the first step in a five-year effort to reduce the general fund portion of property taxes back to pre-recession levels.
The millage rate will be reduced from 7.72 to 7.52 mills. Current estimates call for a .20 decrease each year during the next four years and a .10 decrease in the fifth year.
Cobb County has worked to keep expenses as low as possible, while also providing needed services to the public. Overall, expenses are down by $12.5 million across several areas:
- $4.3 million in unfilled vacancies and reductions in part-time hours
- $2.9 million in reduced transit and solid waste subsidies
- $2.9 million in operational, capital and debt savings
- $2.4 million in reduced health care expenditures
Going forward, $10.1 million of the surplus funds will be used to start the process of systematically lowering the county’s millage rate, pay off outstanding debt and set aside $2.6 million as a buffer during these tough economic times.
To read more about it, visit http://portal.cobbcountyga.gov/index.php